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Eurozone debt crisis fails to halt benchmark European Union trade

Lead managers Barclays Capital, Crédit Agricole, DZ Bank, Goldman Sachs and JPMorgan snap up a Euromoney Deals of the Year 2011 award, after the bumper €4 billion benchmark transaction.

These commodity- and energy-sector transactions exude a confidence that could not be further removed from the relentless pessimism of the European debt markets – last year’s reluctant lead story in the capital markets.

The eurozone debt crisis dominated everything in the second half of the year and when the European Union decided to tap the market for €4 billion in September, some in the market doubted that a 15-year deal could get done.

Lee Cumbes, managing director at Barclays Capital in London, says: 

"We had not seen a long-end syndicated euro deal in the sector since June 2010 and there was uncertainty about volume of appetite at the long end given the surrounding volatility. This was not the sort of deal that you could just put a price out and go."

And Herbert Barth, borrowing adviser at the EU, adds: 

"This deal gave us the signal that market demand was out there for longer than the usual five- to 10-year maturity spectrum." 

For full details and the story behind this deal, click here 

- Euromoney Skew Blog

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